Turnover at the Israeli venture capitalist rocketed from $1.7m to $8.8m in 1998, but saw the pre-tax line fall from an $89,000 profit to $380,000 of losses. It originally invested in three companies: Truphatek, which makes medical gadgets, ITL Product Testing, which tests them, and AquaTech, an aquarium products distributor. Truphatek has itself invested in Veinomed, a company which is developing a product to help locate veins. All this investment has not yet fed through into notable sales as all three experienced a very slow third quarter of 1998. However, the chairman expects profitable trading in 1999 and is on the look-out for more investment opportunities.

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